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Click to edit Master title style,Click to edit Master text styles,Second Level,Third Level,Fourth Level,Fifth Level,*,*,*,Chapter Nine,Buying and Selling,What Are We Doing in this Chapter?,We expand our basic consumer choice framework to include the possibility that consumers can sell something to generate income.,Again,in terms of theoretical framework,nothing is new.,Endowments,禀赋,The list of resource units with which a consumer starts is his,endowment,.,A consumers endowment will be denoted by the vector (omega).,Endowments,E.g.states that the consumer is endowed with 10 units of good 1 and 2 units of good 2.,What is the endowments value?,For which consumption bundles may it be exchanged?,Budget Constraints Revisited,So,given p,1,and p,2,the budget constraint for a consumer with an endowment is,The budget set is,Budget Constraints Revisited,x,2,x,1,w,1,w,2,Budget set,Budget Constraints Revisited,x,2,x,1,w,1,w,2,Budget set,Budget Constraints Revisited,x,2,x,1,w,1,w,2,The endowment point is always on the budget constraint.,So price changes pivot theconstraint about the endowment point.,Budget Constraints Revisited,The constraintis,That is,the sum of the values of a consumers net demands is zero.,Net Demands,x,2,x,1,w,1,w,2,x,2,*,x,1,*,At prices(p,1,p,2,)the consumersells units of good 1 to acquiremore units of good 2.,Net Demands,x,2,x,1,x,2,*=,w,2,x,1,*=,w,1,At prices(p,1,”,p,2,”)the consumerconsumes her endowment;netdemands are all zero.,Net Demands,x,2,x,1,w,1,w,2,Price-offer curve,contains all theutility-maximizing,gross,demands for which the endowment can be exchanged.,A Variation of the Theme:Income from Labor,A worker is endowed with$m of nonlabor income and R hours of time which can be used for labor or leisure.,w,=(R,m).,Consumption goods price is p,c,.,w is the wage rate.,Labor Supply,The workers budget constraint iswhere C,R denote gross demands for the consumption good and for leisure.That is,endowment value,expenditure,Labor Supply,C,R,R,endowment,m,($),Labor Supply,C,R,R,endowment,m,Labor Supply,C,R,R,endowment,m,slope=,the real wage rate,Labor Supply,C,R,R,endowment,m,C*,R*,leisuredemanded,laborsupplied,The Morale of the Story:Limited Possibility of Market Transactions,There are some cases in which a good cannot be sold or bought in any amount!,Slutskys Equation Revisited,Slutsky:changes to demands caused by a price change are the sum of,a pure substitution effect,and,an income effect.,This assumed that income y did not change as prices changed.But does change with price.How does this modify Slutskys equation?,Slutskys Equation Revisited,A change in p,1,or p,2,changes so there will bean additional income effect,called the,endowment income effect,.,Slutskys decomposition will thus have three components,a pure substitution effect,an(ordinary)income effect,and,an endowment income effect.,Slutskys Equation Revisited,x,1,w,2,w,1,x,2,x,2,x,1,Initial prices are(,p,1,p,2,).,Slutskys Equation Revisited,x,1,w,2,w,1,x,2,x,2,x,1,”,x,2,”,Initial prices are(,p,1,p,2,).Final prices are(,p,1,”,p,2,”,).,How is the change in demandfrom(x,1,x,2,)to(x,1,”,x,2,”)explained?,x,1,Slutskys Equation Revisited,x,1,w,2,w,1,x,2,x,2,x,1,Initial prices are(,p,1,p,2,).,Slutskys Equation Revisited,x,1,w,2,w,1,x,2,x,2,x,1,”,x,2,”,Initial prices are(,p,1,p,2,).Final prices are(,p,1,”,p,2,”,).,x,1,Slutskys Equation Revisited,x,1,w,2,w,1,x,2,Pure substitution effect,Slutskys Equation Revisited,x,1,w,2,w,1,x,2,Pure substitution effect,Slutskys Equation Revisited,x,1,w,2,w,1,x,2,Pure substitution effect,Ordinary income effect,Slutskys Equation Revisited,x,1,w,2,w,1,x,2,Pure substitution effect,Ordinary income effect,Slutskys Equation Revisited,x,1,w,2,w,1,x,2,Pure substitution effect,Ordinary income effect,Endowment income effect,Slutskys Equation Revisited,x,1,w,2,w,1,x,2,Pure substitution effect,Ordinary income effect,Endowment income effect,Slutskys Equation Revisited,Overall change in demand caused by achange in price is the sum of:,(i)a pure substitution effect,(ii)an ordinary income effect,(iii)an endowment income effect,一个经典例子,白居易卖炭翁,可怜身上衣正单，心忧炭贱愿天寒。,
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